Anti-Money Laundering Council in the Philippines Freezes Assets of Suspended Mayor Alice Guo

Manila, July 11, 2024 – The Anti-Money Laundering Council in the Philippines (AMLC) has successfully secured a freeze order from the Court of Appeals (CA) on the assets of suspended Mayor Alice Leal Guo and other individuals implicated in illegal operations linked to Philippine offshore gaming operators (POGOs). This decisive move underscores the council's unwavering commitment to combating financial crimes and ensuring the integrity of the country’s financial system.

Comprehensive Asset Freeze

The CA issued the freeze order on July 10, covering a wide range of assets associated with Mayor Guo and her alleged accomplices. The assets include 90 bank accounts across 14 financial institutions, various real properties, and high-value personal properties such as luxury vehicles and a helicopter. This action aims to prevent the dissipation of assets while investigations and legal proceedings continue.

The individuals identified in the AMLC’s petition, including Zhiyang Huang and Baoying Lin, are accused of orchestrating extensive illicit operations through entities such as Zun Yuan Technology Inc., BAOFU Land Development Inc., and Hongsheng Gaming Technology Inc. These operations purportedly involve human trafficking, serious illegal detention, and online scam schemes, all masquerading under the guise of legitimate POGO activities.

The Role of the Anti-Money Laundering Council in the Philippines

The Anti-Money Laundering Council in the Philippines plays a crucial role in safeguarding the nation’s financial system from being exploited for illegal activities. By securing the freeze order, the Anti-Money Laundering Council aims to halt the flow of illicit proceeds and maintain the integrity of financial institutions. “These individuals are suspected of orchestrating human trafficking and fraudulent activities through entities such as Zun Yuan Technology Inc.,” the AMLC stated.

The freeze order is a critical step in the AMLC's broader strategy to combat money laundering and related criminal activities. Matthew David, AMLC Executive Director, emphasized the importance of this action: “Freezing these assets protects the integrity of our institutions and shields the public from the harms of unlawful activities.”

Impact on POGO Operations

The investigation revealed that Zun Yuan Technology Inc. was operating an unauthorized POGO and engaging in various illegal activities. These operations were conducted within the premises of BAOFU Land Development Inc., which housed numerous workers, including trafficked individuals who were coerced into participating in fraudulent online activities.

This crackdown on illegal POGO operations reflects a broader effort by Philippine authorities to regulate the industry and eliminate associated criminal activities. The Senate is also investigating the illegal POGOs and the individuals linked to these operations, including Mayor Guo. Senator Risa Hontiveros, chairperson of the Senate Committee on Women, Children, Family Relations, and Gender Equality, expressed her intention to review the petition thoroughly.

Government and Legislative Responses

The Department of Finance (DOF) and the National Economic and Development Authority (NEDA) have recommended a permanent ban on POGOs in the country. Senator Joel Villanueva praised this recommendation, stating, “For our part, we have been pushing for the laws and policies which will not only ban POGOs but all forms of online gambling.”

The Anti-Money Laundering Council in the Philippines continues to work closely with various government agencies, including the Presidential Anti-Organized Crime Commission and the Philippine National Police-Criminal Investigation and Detection Group, to combat these illicit activities. The freeze order is part of an extensive investigation that has involved joint operations and rigorous scrutiny of financial transactions linked to the accused individuals.

Future of Anti-Money Laundering Efforts

The Anti-Money Laundering Council in the Philippines remains steadfast in its mission to prevent the misuse of the financial system for illegal purposes. The council’s ongoing efforts highlight the importance of a robust anti-money laundering framework in protecting the nation’s economic stability and security.

Conclusion

In the fight against money laundering, innovative tools like UCheck play a vital role. Developed by UNAWA, UCheck assists businesses in complying with regulatory requirements and protects against financial crimes. This tool exemplifies the proactive measures being adopted to enhance the country’s financial security.

The actions taken by the Anti-Money Laundering Council in the Philippines demonstrate a firm commitment to eradicating financial crimes and upholding the integrity of the financial system. As investigations continue and more measures are implemented, the council's efforts will remain a cornerstone in the country's battle against money laundering and associated criminal activities.